Ambac files for bankruptcy November 8, 2010 US bond insurer Ambac Financial Group filed for Chapter 11 bankruptcy yesterday citing liabilities of $1.68bn (£1.04bn). Its shares plummeted in after-hours trading to $0.20 down from $0.52 at their close on the Wall Street. Ambac failed after chasing higher profits by insuring riskier debt. The move backfired when the housing market crashed and credit [...]
Ambac shares hit as it warns of bankruptcy November 1, 2010 AMBAC Financial Group, which was the second-largest US bond insurer before suffering huge losses on risky mortgages, said it may file for bankruptcy protection as soon as this year after skipping a bond interest payment. Ambac shares fell as much as 59.8 per cent before closing down 50.4 per cent, or 41.9 cents, at 41.2 [...]
Coalition rejecting its own medicine January 23, 2011 THIS week will be critical for the coalition’s economic policies, in terms of perceptions even if not in reality. Despite their tentative nature, Tuesday’s fourth-quarter GDP figures will take centre-stage in Westminster: if they come in as expected, the coalition will celebrate; if they are weak, Labour’s Ed Balls will have a field day trashing [...]
Coalition rejecting its own medicine January 23, 2011 THIS week will be critical for the coalition’s economic policies, in terms of perceptions even if not in reality. Despite their tentative nature, Tuesday’s fourth-quarter GDP figures will take centre-stage in Westminster: if they come in as expected, the coalition will celebrate; if they are weak, Labour’s Ed Balls will have a field day trashing [...]
Amlin says business is still mixed November 15, 2010 LLOYD’S insurance group Amlin said yesterday trading last quarter was mixed, as it posted a 39 per cent increase in premiums written in the year to date. The group wrote £1.92bn in the period, thanks to its acquisition of ACI and new business within its UK fleet motor and Bermuda arms. Amlin said catastrophe reinsurance [...]
Irish political turmoil feeds market nerves November 24, 2010 MARKETS remain unconvinced that the Irish government will be able to pass the €15bn (£12.6bn) cuts programme it unveiled yesterday, with Prime Minister Brian Cowen lacking the votes needed to get the measures through parliament. Cowen’s government is already teetering, with the Green Party this week demanding an immediate election once the emergency budget is [...]
Irish political turmoil feeds market nerves November 24, 2010 MARKETS remain unconvinced that the Irish government will be able to pass the €15bn (£12.6bn) cuts programme it unveiled yesterday, with Prime Minister Brian Cowen lacking the votes needed to get the measures through parliament. Cowen’s government is already teetering, with the Green Party this week demanding an immediate election once the emergency budget is [...]
Glencore paves way for £10bn flotation November 18, 2010 PRIVATELY held commodities giant Glencore is considering listing in the first half of next year, in an IPO that could raise around £10bn. Glencore, the world’s biggest commodity trader, has been preparing to go public after issuing a $2.2bn (£1.bbn) convertible bond last year. The group, which yesterday posted a strong jump in nine-month profit, [...]
City warns over rights issue rip off December 13, 2010 INVESTMENT banks have been slammed by the City’s top institutional investors for charging unfairly high fees to companies raising capital through rights issues. An inquiry commissioned by the Institutional Investor Council, backed by the Association of British Insurers and the National Association of Pension Funds, lashes out at investment banks today for charging underwriting fees [...]
City warns over rights issue rip off December 13, 2010 INVESTMENT banks have been slammed by the City’s top institutional investors for charging unfairly high fees to companies raising capital through rights issues. An inquiry commissioned by the Institutional Investor Council, backed by the Association of British Insurers and the National Association of Pension Funds, lashes out at investment banks today for charging underwriting fees [...]